Even the bond raters turned their thumbs down on New York's mountain of debt.

The bond raters on Wall Street praised the plan as a prudent step toward restoring stability in the city's finances.

But analysts for bond raters and business groups said he has not succeeded.

No bond rater ever gave the city as good a deal.

A year ago, for instance, transit officials told bond raters that the budget deficit in 2003 would be about $663 million.

Such insurance helps to protect against default and also assures a slightly higher rating from the bond raters.

One group closely watching the budget process is the bond raters who have given the state the second lowest bond ratings of the 50 states.

The bond raters have pressed the city to save money by cutting its spending for construction projects financed by bonds.

And there is no fiscal watchdog on the state level to object, beyond bond raters.

They are more anxious to make the bond raters happy than to provide educational services to kids.